Lido DAO Coin Price Return to Yearly Support Hints Best Dip Opportunity

Over the past two weeks, the Lido DAO coin price traded sideways struggling to surpass the $2.175 resistance amid Bitcoin’s post-halving correction. The notable price swings in daily charts extending laterally indicate no clear dominance from buyers or sellers. However, this altcoin sitting at a crucial yearly support indicates the buyers have a better potential to retake trend control and initiate a fresh rally.

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Is Lido DAO Coin Price Ready to Hit $3?

Under the influence of a downsloping trendline, the Lido Dao coin has witnessed a steady correction in the last two months. This bearish turnaround plunged the altcoin from $3.64 to its current trading price of $2, accounting for a 43% loss.

An analysis of higher time frame charts shows the falling price found suitable support at the ascending support trendline active since June 2024. The dynamic support has been a crucial accumulation point for buyers indicating an established uptrend.

In a recent update from Santiment, a notable crypto analytics firm, liquid staking assets are reported to have seen a significant uptick over the weekend. Tracking 17 key assets within this sector, Santiment observed a collective market cap increase of +5.0%, signaling a resilient performance despite the broader market’s volatility. 

#LiquidStaking assets have benefited from a nice mini run this weekend. Of the 17 key assets that we track for this sector, the market caps have increased by a combined +5.0% despite choppy market conditions. $LDO (5.2%) and $RETH (+5.9%) lead the way. https://t.co/L6siGQre5o pic.twitter.com/VJDs7Yzl1t

— Santiment (@santimentfeed) April 28, 2024

Leading the charge were Lido DAO ($LDO), with a 5.2% rise, and Rocket Pool ETH ($RETH), which saw a 5.9% increase. This mini surge is a bright spot for staking enthusiasts, hinting at growing investor confidence in these assets.

If the demand pressure at the lower trendline is intact, the LDO price could break above $2.175 as an initial sign of reversal. However, the buyers would need to break out from the overhead trendline to build sufficient momentum to lead a rally beyond $3.

Also Read: Spot Bitcoin ETF Coming to Australia’s Stock Market by End of 2024

Technical Indicator 

• BB Indicator: The squeezed range of the Bollinger Band indicator highlights volatility among investors and a lack of directional trends.
• Relative Strength Index: A notable bullish daily RSI slope above the price indicates the increasing accumulation of the LDO coin at the aforementioned support.

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